Nearly half of small and medium-sized businesses globally have experienced a cyberattack, according to a forthcoming Mastercard survey of over 5,000 business owners. The most common forms of attack include hacking, malware, and phishing. These breaches not only lead to financial losses and reduced productivity but also lasting reputational damage—80% of affected businesses reported needing to rebuild trust with clients and partners. Alarmingly, nearly one in five businesses that suffered an attack ended up closing or filing for bankruptcy.
While 86% of small businesses have conducted cybersecurity risk assessments and created prevention plans, only 23% feel very confident in those plans or in their ability to detect threats. A major challenge is educating employees, who often serve as both the first line of defense and a potential vulnerability; 73% of owners report difficulty getting staff to take cybersecurity seriously.
The article published by Mastercard underscores the urgent need for better tools, training, and support to help small businesses strengthen their cyber defenses and avoid devastating consequences.